Capital & Counties Properties PLC July 2018 Our assets A central London focused property company Covent Garden 100% Capco owned Earls Court Properties 1 Earls Court Partnership Limited; an investment vehicle with TfL, Capco share 63% 2 Lillie Square 50:50 a joint venture with KFI CLSA Land Capco has exercised its option under the CLSA to acquire LBHF land TfL Lillie Bridge Depot 100% TfL owned Consented Earls Court Masterplan 1 1 2 2 Covent Garden Earls Court Properties LBHF TfL Key Covent Garden Earls Court Properties LBHF TfL Consented 100% Capco owned 1 2 3 Capco has exercised Lillie Bridge Depot Consented 100% Capco owned 1 2 3 Capco has exercised Lillie Bridge Depot its option under 100% TfL owned Earls Court Masterplan* its option under 100% TfL owned Earls Court Masterplan* The Earls Court Empress State Lillie Square the CLSA relating The Earls Court Empress State Lillie Square the CLSA relating Partnership Limited; 100% Capco owned 50:50 The landowners’ map above is indicative. Partnership Limited; 100% Capco owned 50:50 to this land an investment joint venture to this land The Covent Garden area has been magnified x1.5 an investment joint venture vehicle with TfL with KFI vehicle with TfL with KFI Capco share 63% *excludes the Empress State Building which has separate consent for residential conversion *excludes the Empress State Building which has separate consent for residential conversion All figures relate to the period ended 30 June 2018 and represent Capco’s share of value. Capco share 63% The Earls Court landowners map above is indicative. The Earls Court landowners map above is indicative. Capital & Counties Properties PLC The business 15 Grosvenor Street, London W1K 4QZ Telephone +44 (0)20 3214 9150 [email protected] www.capitalandcounties.com Capco — H1 2018 Total property value £3.3bn Weighted average cost of debt 2.9% LTV 17% Weighted average debt maturity 6.5 years Group undrawn facilities & cash £886m Covent Garden Earls Court Properties 78 buildings 514 units Consented development space (GEA) Lettable area 1.2m sq ft Earls Court Partnership Occupancy 97% 1 Limited (63:37 Capco:TfL) 3.6m sq ft ERV £107m 2 CLSA option 3.6m sq ft ERV target by Dec 2020 £125m (50:50 Capco:KFI) sq ft Lillie Square 1.0m Gross income £64m 1 Area includes 0.2m sq ft relating to Empress Place (currently not consented) 2 Option exercised in 2013 All figures relate to the period ended 30 June 2018 and represent Capco’s share of value. The information in this document is believed to be correct but is intended for guidance only and its accuracy is not guaranteed. It does not constitute an offer and must not be relied upon as a representation of facts or as otherwise forming the basis of a contract. Specific professional or specialist advice should be obtained before doing anything on the basis of the content of this document. Capital & Counties Properties PLC assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information in this document. REET DENMARK ST UE ENU ANV RYE BUV TE SA ARFY F&B BSUH TES AF SH T E E R T ST H TE UE O M R M Retail T E N R OS www.coventgarden.london C M Key: E Floral Court H R T S U T R E O E T M N O M ENS RTS GARD DENSHO C AR SHORTS G H A R I N E N For further information go to G D C E R L O L S S T S R D R E R U O E R Y T A L A D N E T REE ST EEN T QU E REA N G RETAIL U D E U N P P E D P P SPECIALISED E E L R E L MELVITA DUO CANTINA L L RETAIL S R LAREDO T SUDA S M RETAIL T S S R A E T T R E T R I T M N E ʼ S JAMIEʼS RELAX A ITALIAN E L A R T N LONG MARTIN T E I PRETTY DISHOOM ACADEMY TWENTY 8 N BALLERINA OF FLOWERS TWELVE E ACRECR ʼ NGG A S LON BILLʼS THE WHITE DESA LO PRODUCE COMPANY L GEOX A EILEEN JOULES FISHER N STRINGFELLOWS REAL GREEK JACK WOLFSKIN RUSSELL & E & OTHER STORIES HOBBS BROMLEY VACANT THE JACK WILLS JACK LK BENNETT LK JAEGER LONDON ALL SAINTS AMORINO BIRDETTE BARBOUR SWAROVSKI HONEY LEVIS REISS CALVIN KLEIN THE SUSSEX TO LET COS LONDON VACANT PIZZA EXPRESS EAST TCG ORIGINAL INDIA PENGUIN CO SUNGLASS INAMO HUT iSMASH ZIZZI LES NEREIDES ASPINALʼS CRANBOURN STREET VODAFONE OFFICE HOLLAND ZARA RE E & BARRETT CRANBOURN STREET NG AAC CR MUJI NLO G ECCO LO LA BALLERINA COVENT TIFFANY& CO YSC BUILDING L LEICESTER PANDORA ENTRANCE GAP KIDS KATE SPADE KASTNER D & TO LET BY PAUL SMITH TO LET E FIVE GUYS GARDEN MASALA OVENS THREE SQUARE GAP CAFE R REISS LULULEMON ZONE ATHLETICA STANFORDS BOOKS STANFORDS U I SCRIBBLER CHARLOTTE C PS BUSABA R LONDON TILBURY EATHAI Y THEATRE BOOKINGS BOW STREET ARKET E LE JEUNE L BELLA ITALIA CHOCOLATIERS MAGISTRATES TK MAXX A S COURT CALZEDONIA BAGERIET KIKO THE NAGS N VACANT C T BLOOM HEAD PUB CAMPER E E H WAY OUT THE TINTIN AGNES B R PAUL SMITH WHITE SHOP NIGEL A DIPTYQUE HALL RADLEY LION PUB LIMA R LEGEND THE SHOP COURT FLORAL PIZZA FOOTWEAR FLORAL OFFICE I PILGRIMS G AT BLUEBIRD EMERGENCY SERVICES N JIGSAW SNAPPY U/O A SNAPS WAHLBURGERS G ENT. R SKECHERS T TED BAKER KENT & CURWEN REE SIMURGH R AL ST C OR I FL UNDER ACCESSORIZE OFFER R B C & LAMB DEVELOPMENT THE GARRICK CLUB LE GARRICK FLAG MAC DEVELOPMENT J O WINE BAR TREVOR SORBIE FRENCH SOLE O K UNDER TO LET TO LET ROYAL OPERA A UNDER TO LET TO LET 3INA U/D S S U/O MICHAEL KORS HOUSE W TOBIKO M S T KIKKI.K RITUALS J R A R G E E M S O A PETERSHAM NURSERIES BOOTS PETERSHAM S D E STEAK NURSERIES BODY SHOP OFFICE K ER T R & CO S A TI R R S I C S ENT. CAMBRIDGE LULU GUINNESS COM VIET K SATCHEL COMPANY T BUCHERER N D MULBERRY U GALERIA MELISSA E R T MARIAGE FRÈRES AMORINO S KAREN MILLEN TUMI APPLE E R T E G WATERSTONES CARLUCCIOS R E R BURBERRY PALM COURT FARROW T E MOLESKINE Y PETERSHAM FLORAL LINDA T NURSERIES E E MAXWELLʼS S HACKETT CLOS MAGGIORE OFFICE T COURT SANDRO E KURT GEIGER L W PETERSHAM NURSERIES BT E B T A SNOG FLORAL STREET O N TO LET GANDYS N A A W L HARDYʼS Y S HOUSE ARCADE PAPERCHASE ʼ ROYAL OPERA S E T WILDWOOD N OLD I CHANG R T KEE E T R ROUNDHOUSE TOM DAVIES E E A T E THE N. PEAL R M LINKS BURTON LONDON T & BUNS OLIVIA COVENT GARDEN BOUTIQUE DECIEM BUNS AFRICOLOGY BEAUTY GODIVA S T REET LADUREE S T S FORD KING DIOR TREET TOM ING S BOBBI K OF ANGLESEY S CHANEL L OF MARQUESS MONICA JO MALONE BROWN VINADER L T STEFANEL URBAN DECAY AESOP LONDON NARS TO LET ENT. E BETFRED CLAUDIE PIERLOT S OAKLEY CLINIQUE T M EE S BE AT ONE TRU CHARING CROSS 5 MINUTE WALK HSBC MOLTON AVEDA SR A LL BUNS & BUNS TO LET BROWN E E W SS R PENHALIGONʼS U WELLINGTON TESCO A R COOKIES COLOGNE CHOCOLAT T DANIEL BENʼS ATELIER CRABTREE BRORA E HOTEL SUSHISAMBA I S E N W i S WHITTARD PAUL CAFE A T E S l COVENT GARDEN ʼ T S T MORELLIʼS S POLLOCKS THEATRE MOOMIN CARAT PYLONES P T ET HARRIS E MILLER ELL STR T PAPIRO MARKET BUILDING USS REE ROYAL ST PAULʼS EAST R P T SHOP U/O LL S THE E USS P R GELATORINO IL P INDIA I I L VENCHI A CHURCH I CO. A I A SUGER SIN A PEYTON & Z BOULANGERIE BALTHAZAR A STARBUCKS BALTHAZAR BYRNE Z TUTTONS REDFARM Z HOTEL Z Z N Z BEDFORD ST. OFFICES A AUGUSTUS Z A COACH HARRIS Z E & HORSES Z C BOULEVARD BRASSERIE PASTA BROWN A DIRTY MARTINI SAGAR A ADVENTURE B 1 MIN WALK TO LET LEICESTER SQUARE A & SNUFF T SEGAR E H STA TRAVEL OYSTERMEN CORA PEARL D CABOURN NELL OF W AVOBAR NELSON E BAILEY CHEANEY B LE PAIN QUOTIDIEN NIGEL F SHAKE SHACK EDWIN R T ENT. THE HENRIETTA VYTA AUBAINE LONDON FILM OLD DRURY ENT. O E E I BO MUSEUM N E L E R NATWEST BANK OFFICE THE RUSSELL L EAT TOKYO E R B I D D ON THE BAB T WAGAMAMA N Y S S E T R S G BODEANʼS BBQ W F R K T D U PENHALIGONʼS T E R C O CAFE ROUGE B O THE OPERA E E O The landowners’ map above is indicative. D TAVERN T F N E T R S T S O PATISSERIE R ET HENRIETTA STSRETREET I TA S O IET VALERIE HENR CICCHETTI UNDER DEVELOPMENT LONDON TRANSPORT V F T T CICCHETTI D GIFTSHOP MUSEUM A R R T D ENT. MAMIEʼS R ET LTM OFFICE E E THE REAL McCOYʼS E OLIVER SWEENEY DIN TAI FUNG HENRIETTA HOTEL FLAT IRON R K-WAY D T B E E S FRED PERRY THE BEECHAM OFFICE S T TONI FRENCHIE BELLA STRADA COTE K OFFICE B C & GUY ALL BAR E ITALIA O T JUBILEE HALL MARKET T ONE THE IVY C S U I STICKS ʻNʼ SUSHI T R MARKET V A A OFFICE GRILL BYRON T R E S BURGERS ENT.